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Bull of the Day: Euronet (EEFT)

Mobile payment solutions are springing up left and right. Whether it’s Samsung, Apple (AAPL - Free Report) or PayPal (PYPL - Free Report) money movement is becoming redefined. I don’t want to date myself too much here (partly because I’m really not that old) but I remember shopping with my mom when they used to use carbon paper to imprint your credit card. As the world evolves and emerging market economies get larger and more connected, the demand for electronic financial transaction products will continue to balloon.

On company striving for a chunk of this large market is today’s Bull of the DayEuronet Services (EEFT - Free Report) . Euronet is an industry leader in providing secure electronics financial transaction solutions. The company offers financial payment middleware, financial network gateways, outsourcing and consulting services to financial institutions and mobile operators.

EEFT is a Zacks Rank #1 (Strong Buy) with a Growth Style Score of A and a Momentum Style Score of B. A big reason for the favorable rank is the recent bullish activity out of analysts. Over the last week, two analysts have increased their earnings estimates for the current quarter, next quarter, current year, and next year. Most likely the bullish behavior is s direct result of EEFT beating earnings by 4 cents this quarter. Still, the revisions have pushed up our Zacks Consensus Estimate from $1.13 to $1.28 for the current year, and up from $3.56 to $3.83 for the current year.

Shares of EEFT took a tumble earlier this year when the stock dropped from $81 in the low $50s in two short weeks. The rebound from that bottom was very sharp, with the stock popping back above $70 in just under a month. After retesting the $80s in May, another selloff took shares down to $65 into the end of June. The recent earnings report took shares to $78. The jump took the commodity channel index into overbought territory above 300 but in the days following the CCI has come back below 100. As long as the CCI can stay over the zero line, the stock will still be in a bullish trend. But a crossover below the zero line would be a fresh “Sell” signal and bring with it some downside risk.

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